How to Measure The Return of Investment of Sponsorships
One of the main tasks of event organizers is to bring in sponsors and coordinate with all the events team members to create a successful event. It is through the event’s success will the sponsors gauge whether it the event has brought in great return of investment and if it’s worth continuing the collaboration.
Meeting the Sponsors and Organizers Objectives
While monetary reward is the most common measurement of a successful event, one of the key performance indicators of whether the event has been successful or not is whether it has met the main objectives of the campaign. Just like any campaign, an event also has its key objectives and goals that tie back to the sponsors and organizers business objectives. Therefore, in order for the event to be considered success, those objectives needed to be met.
Different Types of Event Success Indicators
Events wherein tangible goods are being sold are great indicators of the event’s success as it provides sponsors feedback right away after the product purchase. With this kind of event, the total sales can be the determining factor as to whether the event is successful for not.
However, whenever focus of the event is in the information or intangible products, then monetary measurements may not be the ideal way to judge the success of the sponsorship. In order to create an effective measurement tool, there first has to be objectives made prior to the event during the planning stage. The evaluation will be made based on the number of objectives met in the event.
This would all depend on the event being held and its organizers. For example, an organizer may have lower budget would have an objective to have a discounted or more affordable venue for the event which would be beneficial for the organizers and sponsors bottom-line. The organizers may find different ways to stick to the event budget in order to benefit the sponsors.
4. Post-event Results
Other types of goals and objectives for organizers and sponsors would be the outcome of learning, organizational effectiveness and how the consumers reacted to the activities during the event.
Tips on How to Make the Event Successful
1. Select the Right Venue
Some key tips that would help organizers make the event successful would be to select the right venue right from the very becoming and able to lock in a great deal with the venue stakeholders.
2. Take Control of the Timeline
One of the things to think of would be to control the temperature to make the event more comfortable for its event attendees. Another crucial element that will make or break the event is the timeline, which helps ensure everything is under clockwork. Always remember that the organizers actions should always be aligned with the objectives of the sponsors.
3. Capturing and Keeping the Attendees Data
Events present a great opportunity to learn more about the attendees who are the potential sales leads for the event sponsors. In order to keep the information, it’s important to ask the guests if they can answer a feedback survey at the end of the event. Doing this will not only help increase the awareness of the sponsors but also help better understand what do the attendees value and look for.
4. Keeping Track of the Attendees Behavior
Keeping track of the behavior of the event attendees is crucial to the success of the event as it opens up opportunities for the organizers and sponsors to better connect with the audience and potentially reactive them for future events. There are many ways to do this such as by making use of discount vouchers or coupons that have unique codes associated per guest. By doing so, sponsors can be able to effectively measure the increase of the sales of the event. Objectives may also include behavioral ones like encouraging people to do something for themselves. For example, giving a free blood pressure screening could be used to track the value of an item or to allow them to engage with the event organizers and its sponsors post-event.
5. Converting Attitudes
The use of breakout groups allows attendees to know more about the event on a rather personal level. The subject matter expert and the topics may also be structured by the organizers to tie back to sponsor objectives. This can be done by making use of short surveys that allow attendees to select their favorite options. There may also be a section that allows the guests to give new ideas to help them feel as if their ideas and feedback matter. The great thing about surveys is that it measures both information as well as attitudes of the attendees towards the event.
Providing feedback is both noncommittal and fun activity for guests as it encourages them to engage and feel important part of the event’s success. At the same time, it also benefits the sponsors and organizers to make the event a success. It may or may not be a good idea to give the survey at the end of the event as the guests usually prefer to head out of the event unless there’s an organized post-event party. Another way to gather feedback is by incorporating it at the start of the event and letting them know that there will be raffle later on in the event.
During the planning stages, organizers must already plan the sharing as well as the collection of the guests information. Each part of the event must already be planned in a way that best conveys the message of the event and ties back to the organizers and sponsors business objectives.
The ability to gauge what matters to the attendees and be able to align it with the event objects are great indicators of the event success. Having the ability to gather feedback as well as turn those data into actionable campaigns for future events also help reactivate the current attendees and make them feel a sense of inclusion and collaboration with the event and its sponsors in the process.
Published 28 Feb 2018